SigmaWay Blog

Going digital has directly hit demographics and technology of retail industry in a positive way. The economy of the retail industry is also shifting quickly, retail stores must do more to keep their stories intact without damaging their brand name. The retail industry is at a crucial moment with online sales resulting in periodical of all sales. Retailers must first examine and learn from leading physical and online retailers before implementing an e - commerce strategy. Retailers need to enhance their technology user base by collaborating with e - commerce giants of the market. The majority of e - commerce firms use social media like Facebook, Twitter and Instagram, to give a shot to great digital marketing tools, retailers should use these platforms more often to disclose their great offers and collection.  Read more at: https://www.entrepreneur.com/article/290131

Advanced analytics is the procedure by which associations can make an interpretation of information. Retailers now can join their information together, i.e. From organizing information to unstructured information, to the in - store checking of client conduct, to outside elements and inspect it in insightful approaches to discover examples, estimate and make forecasts, and let you know how to tackle an issue. Read more at: http://enterprise.microsoft.com/en-us/industries/retail-and-consumer-goods/advanced-analytics-the-most-promising-trend-in-retail/

It is said that a very small percentage of the retailers are keen on using the customer analysis tool in spite of the retail industry being the most refined tool across sectors for analysis of customer behaviour. Dave Nash(director at consultancy West Monroe Partners), has mentioned that this tool is still not as popular as it should be for the very reason of the dearth of relevant customer data that cannot be assimilated into other operational data and also due to lack of skill and the knowledge to use them appropriately. But Elaneor McDonnell Feit (assistant professor of marketing at Drexel University) believe otherwise. According to her, the percentage of retailers investing in developing their customer data set is high. She is of the view that what is required using these data appropriately to take the right decisions for various functions of the firm and implementing them in the most efficient way. Feit has also mentioned a very innovative and out of the box tool for this purpose: Recommendation engine. The recommendation engine is a mechanized tool to facilitate the buying process of the customers, by guiding them find the thing they need. These recommendation engines are tailored for specific businesses and its customers making it unique as a retailer.
Hence, every firm should have a data driven approach within the retail industry which will help the entire economy to grow progressively and efficiently.
Read more at: http://www.cmswire.com/analytics/retail-could-make-better-use-of-customer-analytics/

The retail industry is B2C industry. In B2C industry, forecasting and planning future demand and supply is a very important function to improve operation's efficiency. But, consumer behavior is very unpredictable. To analyze this unpredictable behavior, retail stores need to analyze big data. In Consumer Goods Analytics Summit in Chicago, suggestions on applying Big Data Analytics in Retail Industry were discussed. Let’s have a look on some of them:

·        By using big data analytics try to find out actual problem and their solution.

·        Apply analytics in every possible way from making sales report to multi-structured data to understand and improve customer service.

·        Always Interpret big data.

·        Recruit persons who understand the value of data analytics. 

To know more about Big Data Analytics in Retail, read the article link “Are retailers organized for Analytics” by Gib Basset, (Consumer Goods and Retail Industry Principal with Oracle Corp) at: http://www.retailwire.com/news-article/18266/are-retailers-organized-for-analytics

According to a survey, the Indian fashion industry is likely to touch $77 billion in a next five year. To understand the changing customer behavior and have a competitive advantage, e-commerce firms and retailers can use analytics. In a research from Technopak, the share of apparels and lifestyle in e-commerce is likely to increase by 30% and e-commerce will contribute about 6% of apparel sales. Fashion industry faces a challenge of understanding customers want and require quick access to market dynamics.  E-Commerce in retail is increasing, and all channels, firms are looking for advanced analytics to understand consumer behavior. Read more at: http://www.business-standard.com/article/pti-stories/data-analytics-can-help-retailers-know-consumer-behaviour-115042000358_1.html